400+ attendees, 50+ speakers and 20+ sponsors are gathering 8-9 June in Cape Town for the New Energy Update series of conferences, comprising of CSP Today South Africa, PV Insider South Africa and Wind Energy Update South Africa Tag 1.
Custom Search

Money Transfers Job Africa Map Weather

Tag Archive | "Barrels"

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Oando Energy Resources Announces Additional 2,500 bopd Production Capacity From Ebendo Field

Posted on 16 May 2013 by Africa Business

About Oando Energy Resources Inc. (OER)

OER currently has a broad suite of producing, development and exploration properties in the Gulf of Guinea (predominantly in Nigeria) with current production of approximately 5,205 bopd from the Abo Field in OML 125 and the Ebendo Field. OER has been specifically structured to take advantage of current opportunities for indigenous companies in Nigeria, which currently has the largest population in Africa, and one of the largest oil and gas resources in Africa.

 

Oando Energy Resources Inc. (“OER” or the “Company“) (TSX: OER), a company focused on oil exploration and production in Nigeria, today announced results from the successful completion and testing of the Ebendo 5 well. The completion and testing of the Ebendo 5 well, which is expected to contribute an additional 2,500 barrels of oil per day (“bopd”) gross (1,069 bopd net to OER), follows the successful resumption of 3,200 bopd gross (1,368 bopd net to OER) production on the Ebendo field, as was announced on April 24, 2013.

“We’re extremely pleased to announce the successful completion of the Ebendo 5 well drilling programme, increasing our net capacity by 1,069 bopd,” said Pade Durotoye , CEO of OER. “Ebendo currently has a total production capacity of up to 7,000 bopd, but is currently subject to takeaway capacity restrictions as a result of the Kwale-Akri pipeline. In light of this, we are increasing our efforts to establish our alternative evacuation pipeline, the 53 Kilometer, 45kboepd Umugini pipeline, that will further support the development of this field and reduce our dependence on one evacuation pipeline.”

The Ebendo 5 well was spudded as a deviated appraisal/development well on October 12, 2012, mainly to appraise the intermediate reservoirs encountered by the earlier Ebendo 4 well. The Ebendo 5 well was drilled to a total vertical depth (TVD) of 11,513ft and encountered eight hydrocarbon bearing sands. A drill stem test was successfully completed on two of these sands (XVIIIc and XVIIId). Sand XVIIId flowed for 18 hours and 30 minutes during the final flow test on four choke sizes. On average, it flowed on choke 28/64″ for 3 hours and 30 minutes, with an average oil and gas rate of 1,592 bopd and 2.45 mmscf/day, respectively. Sand XVIIIc flowed for 15 hours and 50 minutes during the final flow test on three choke sizes. On average, it flowed on choke 24/64″ for 8 hours and 23 minutes, with an average oil and gas rate of 840 bopd and 4.62 mmscf/day, respectively. Oil with API gravities of 47.2 degrees and 46.4 degrees were recovered from levels XVIIIc and XVIIId, respectively. Testing of sand XV is planned to occur during production, as there was a mechanical failure during testing of this sand after the completion of the well. However, from Modular Formation Dynamic Testing (MDT) pressure sampling, the fluid gradient in level XV was 0.272 pressure per foot (psi/ft), which is indicative of oil, there was no appreciable steady decline in the pressures during the Test.

The Ebendo 5 well was dually completed and sand XV will be produced through the short string while sands XVIIIc and XVIIId will be produced through the long string via a sliding sleeve. The Acme Rig-5 was released on April 17, 2013 from the Ebendo 5 well site.

The Company further announced that a new rig, the Deutag T-26, has been mobilised and a sixth well (the Ebendo 6 well) was spudded on April 18, 2013. TVD for the Ebendo 6 well is planned to be at 10,680 ft. To date, the Ebendo 6 well has been drilled to a total vertical depth of 6,231 ft. The results from this drilling programme will enable further appraisal of the shallow reservoirs encountered in the last two wells.

As pressure transient analysis or well-test interpretation has not been carried out, all results disclosed in this press release should be regarded as preliminary and are not necessarily indicative of long-term performance or ultimate recovery. The results will be updated when additional data becomes available.

 

SOURCE Oando Energy Resources Inc.

Bookmark and Share

Comments (0)

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

IMF Executive Board Concludes 2012 Article IV Consultation with Nigeria

Posted on 29 March 2013 by Africa Business

ABUJA, Nigeria, March 29, 2013/African Press Organization (APO)/ On February 6, 2013, the Executive Board of the International Monetary Fund (IMF) concluded the 2012 Article IV consultation with Nigeria.1

Background

Macroeconomic performance has been broadly positive over the past year. Real gross domestic product (GDP) growth is projected to have decelerated slightly to 6.3 percent, reflecting the effects of the nationwide strike in early 2012, floods in the fourth quarter of 2012, and continued security problems in the north. Annual inflation increased from 10.3 percent (end-of-period) in 2011 to 12.3 percent in 2012, owing mainly to the adjustment of administrative prices of fuel and electricity; large increases in import tariffs on rice and wheat; and the impact of floods in Q3. The external position has strengthened and international reserves rose from US$32.6 billion at end-2011 to US$44 billion at end-2012 (5½ months of prospective imports), driven by sustained high oil prices, stricter administration of the gasoline subsidy regime, and strong portfolio inflows.

The fiscal policy stance was tightened in 2012 and fiscal buffers are being rebuilt. The non-oil primary deficit of the consolidated government is estimated to have narrowed from about 36 percent of non-oil GDP in 2011 to 30.5 percent in 2012, mainly due to expenditure restraint. Monetary policy remained tight in 2012 in response to inflationary pressures. The central bank kept its policy rate unchanged during the year but raised the cash reserve requirement for banks from 8 percent to 12 percent and lowered allowable open foreign exchange position for banks. Financial soundness indicators point to continued improvements in the health of the banking system.

In 2013, growth is expected to recover to above 7 percent. Inflation is projected to decline below 10 percent, supported by the tight monetary policy stance and ongoing fiscal consolidation. The key downside risks are a large drop in world oil prices; and slow progress in building consensus around key fiscal reforms.

Executive Board Assessment

Executive Directors commended the authorities for prudent macroeconomic policies that have underpinned a strong economic performance in recent years. Looking ahead, Directors agreed that widespread unemployment and poverty remain key challenges for policymakers, and called for renewed efforts to make economic growth more broad-based and inclusive.

Directors supported the authorities’ strategy of consolidating the fiscal position while opening up policy space for needed investment in infrastructure and human capital. To this end, they underscored the need to improve tax administration, better prioritize public expenditure, strengthen public financial management, and improve the fiscal framework. In particular, they encouraged the authorities to reduce poorly-targeted fuel subsidies, adopt a rule to set the reference oil price in the budget, and fully operationalize the Sovereign Wealth Fund as soon as possible. Efforts to mobilize public support for these reforms should be intensified.

Directors considered the current tight monetary stance to be consistent with the authorities’ objective of reducing inflation to single digits. They also took note of the staff’s assessment that the exchange rate in real effective terms is broadly in line with fundamentals.

Directors commended the authorities’ success in restoring financial stability after the 2009 banking crisis. In light of this achievement, they recommended winding down the operations of the asset management company to curb moral hazard and fiscal risks. Directors welcomed the central bank’s commitment to address supervisory and regulatory gaps identified in the Financial Stability Assessment Update, particularly the need to strengthen cross-border supervision and the regime against money laundering and terrorism financing.

Directors concurred that wide-ranging reforms are key to make growth more inclusive. They agreed on the importance of supporting sectors with high employment potential, not through protectionist measures or tax incentives but rather with initiatives to improve governance, the investment climate, and competiveness. Directors welcomed reforms underway in the energy sector, and looked forward to an early passage of the Petroleum Industry Bill which would boost investment, government revenue, and fiscal transparency. They also encouraged the authorities to promote market-based access to credit for small- and medium-sized enterprises.

 

Nigeria: Selected Economic and Financial Indicators, 2009–2013

 

2009    2010    2011    2012    2013

Act.    Act.    Act.    Act.    Proj.

 

National income and prices

(Annual percentage change,

Unless otherwise specified)

Real GDP (at 1990 factor cost)

7.0    8.0    7.4    6.3    7.2

Oil and Gas GDP

0.5    5.2    -0.6    1.8    4.9

Non-oil GDP

8.3    8.5    8.9    7.1    7.5

Production of crude oil (million barrels per day)

2.2    2.5    2.4    2.4    2.5

Nominal GDP at market prices (trillions of naira)

25.1    34.4    37.8    43.1    48.1

Nominal non-oil GDP at factor cost (trillions of naira)

17.7    19.9    22.5    26.9    31.1

Nominal GDP per capita (US$)

1,110    1,465    1,522    1,637    1,686

Consumer price index (end of period)

12.5    13.7    10.8    12.7    8.2

Current account balance (percent of GDP) 1

8.3    5.9    3.6    4.7    4.0

Consolidated government operations

(Percent of GDP)

Total revenues and grants

17.8    20.0    29.9    28.1    26.7

Of which: oil and gas revenue

10.6    14.0    23.4    21.5    19.9

Total expenditure and net lending

27.3    26.9    29.4    27.1    26.7

Overall balance

-9.5    -6.9    0.5    0.9    0.0

Non-oil primary balance (percent of non-oil GDP)

-26.8    -34.3    -36.0    -30.4    -28.3

Excess Crude Account / SWF (US$ billions) 2

7.1    2.7    4.6    9.7    18.1

Money and credit

(Change in percent of broad money at the beginning of the period, unless otherwise specified)

Broad money

17.1    6.9    15.4    10.0    18.1

Net foreign assets

-10.9    -10.3    5.5    13.9    12.4

Net domestic assets

28.0    17.2    9.9    -3.9    5.7

Treasury bill rate (percent; end of period)

4.0    7.5    14.3    …    …

External sector

(Annual percentage change,

unless otherwise specified)

Exports of goods and services

-33.4    36.5    20.1    6.5    0.7

Imports of goods and services

-22.6    36.6    27.2    4.2    3.5

Terms of trade

-16.3    10.0    9.1    1.0    -2.1

Price of Nigerian oil (US$ per barrel)

61.8    79.0    109.0    110.1    104.4

Nominal effective exchange rate (end of period)

82.2    83.6    82.2    …    …

Real effective exchange rate (end of period)

110.0    120.7    119.4    …    …

Gross international reserves (US$ billions)

42.4    32.3    32.6    45.9    53.4

(Equivalent months of imports of goods and services)

7.4    4.5    4.3    5.9    6.4

 

Sources: Nigerian authorities; and IMF staff estimates and projections.

1Large errors and omissions in the balance of payments suggest that the current account surplus is overestimated by a significant (but unknown) amount.

2Consistent with federal, state, and local governments.

1 Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board. At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.imf.org/external/np/sec/misc/qualifiers.htm.

 

SOURCE

International Monetary Fund (IMF)

Bookmark and Share

Comments (0)

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

PACKAGING LINKED TO EVOLUTION SAYS COLOURTONE ARIES

Posted on 12 March 2013 by Africa Business

 

Gone are the days when packaging was just a standard container used to safeguard and transport items. Western Cape printing and packaging powerhouse, Colourtone Aries has seen demands in packaging evolve over the years. Packaging now plays a crucial part in the marketing mix and one that receives considerable attention from marketers.

 

According to Colourtone Aries, packaging has been inextricably linked to the evolution of consumer demand and the influence of society on the corporate world. Marketers have embraced the positive role that packaging can play in consumer decisions. Today companies use packaging as a key marketing tool in the race for consumer space.

 

Colourtone Aries Sales Manager, Ryan Bywater, says, “It is not just about sustainability and shelf space anymore. It is about the value that packaging adds to the brand and its impact on the lives of the consumer. Increasingly more sophisticated consumer products are being introduced, and the way they are packaged has become more complex over and above its vital link in the delivery chain. Packaging in itself is, of course, not a new concept, it is just a lot more sophisticated than before.”

 

The history of packaging as we know it can be traced back to before the Industrial Revolution.

 

Packaging, it can be said, has been around since consumers occupied rural spaces long before the Industrial Revolution. Packaging was basic then, a simple container to transport goods. A single solution fulfilled a number of roles like carrying wood, food and even tools. These were receptacles and not near the sophisticated packaging we use today; they were simple means to transport goods.

 

The consumer mindset of those times was more in line with users of resources. Consumerism was not conceptualised yet in its sophisticated modern format we know today. The Industrial Revolution introduced mass production, bringing about developments in modes of transport, and this gave considerable impetus to a demand for complex packaging.

 

Suddenly the market widened for producers and transporting goods to distant destinations demanded different packaging. Barrels were needed to transport liquids and boxes for ease of storage and transportation. Essentially packaging was used to protect products and was not a means of communication and definitely not a part of a more sophisticated brand strategy…yet.

 

On arrival at stores, storekeepers would unpack products, weigh or count them and wrap or place them in bags or boxes for the customer. Yes, hygiene was not yet a concern for consumers then but they were present when the storekeeper packed their goods.

 

Little did the customers of those days know that they were in the beginning stages of consumerism and the way we would purchase and receive goods would take them on a journey that excited marketers and consumers alike.

 

The end of the Second World War saw packaging evolve to the needs of the consumer. Product distribution evolved further and slowly supermarket concepts began to change our lives. Products were individually packaged to allow consumers to pick them off supermarket shelving. “Self-service” began to grip the market.

 

Marketers saw the need to print information on the packaging as the buying process speeded up. Storekeepers could no longer advise the consumer on all products and with the influx of consumers into his super store, did not have the time or resources to serve his customers individually.

 

The rise in population across the world saw a considerable increase in consumption of goods; this was the age of the Baby Boom. Packaged products were now in great demand and forward thinking marketers of the 1950s and 1960s were setting trends. This also coincided with the proliferation of advertising since the introduction of television in the early 1950s, and much later only in South Africa in the 1970s.

 

Plastic became a popular form of packaging goods and the industry emerged strongly from this era. Quality received significant attention driving advancements in technology. Packaging, as we know it, was on the move.

 

The pace at which consumers moved raced, as did the demand for complex packaging. This pace continues today, but the modern era now brings additional challenges that were not a focus at the beginning of packaging history. Sustainability has gripped the attention of consumers and marketers and is set to challenge packaging companies in the search for total environmentally friendly solutions.

 

Ryan says, “The future of packaging is here. The principle role of packaging cannot be ignored, but neither can the marketing opportunities it presents. Protection of products is key but modern solutions offer so much more. Notwithstanding the legal requirements of packaging, its role has evolved to provide the consumer with an extension of the brand experience.”

 

The race is on as marketers compete for consumer attention using packaging as a means to grab the consumer’s eye. With technology now capable of achieving the near impossible, marketers and designers, equally with the skills of the future, are pushing the boundaries of packaging design.

 

“We truly are in the era of the package,” concludes Ryan. “The evolution of packaging continues to be driven by consumer demand.”

 

Colourtone Aries can be contacted on 021 929 6700, info@colourtonearies.co.za or visit www.colourtonearies.co.za.

Bookmark and Share

Comments (0)

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Atlantic Energy: How Indigenous Companies are Transforming the Nigerian Oil and Gas Industry

Posted on 06 March 2013 by The African Press Organization

 

Atlantic Energy (http://www.atlanticenergy.com) is a private upstream oil and gas group founded by Nigerian and international exploration and production (“E&P”) executives with an extensive track record and experience in the Nigerian E&P sector. The company currently operates in Nigeria and will continue in its Enduring Commitment to develop Nigeria and its abundant resources through energy and infrastructural development.

 

LAGOS, Nigeria, March 6, 2013/African Press Organization (APO)/ Atlantic Energy was a platinum sponsor at the recently concluded 13th Nigerian Oil and Gas conference, one of Africa’s largest oil and gas conference held in Abuja was a gathering of over 1000 national and international senior level delegates from the Upstream, Midstream and Downstream sectors of the oil and gas industry.

 

Representatives including the Nigerian Minister of Petroleum Resources, H.E. Diezani Alison-Madueke; Nigerian National Petroleum Corporation (NNPC), represented by the Group Managing Director, Andrew Yakubu and Group Executive Director, Exploration & Production, Abiye Membere; International and Indigenous Oil Companies (IOCs), Service Companies; Nigerian and international banks amongst others.

The Co-Chief Executive Officer of Atlantic Energy, Mr. Scott Aitken chaired the panel discussion on the topic: “Focus on Independents – How are Indigenous Companies Transforming the Nigerian Oil and Gas Industry? Key points that were discussed included: (1) Creating an enabling environment to encourage Nigerian companies to enter and expand operations; (2) what are the fiscal and regulatory incentives that indigenous companies require? (3) How can indigenous companies access the technical know-how and financing to further their operations? (4) The divestment process from IOCs to indigenous companies successes and pitfalls?

Mr. Aitken noted that while IOCs are responsible for over 90% of production in Nigeria, there are hundreds of undeveloped onshore discoveries, therefore, there is a need for more indigenous companies like Atlantic Energy to join in taking the Nigerian Oil and Gas industry forward.

He also noted that recently, the Nigerian government tasked the Nigerian Petroleum Development Company (NPDC), an operator (and fully owned subsidiary of the NNPC) who are in a strategic alliance with Atlantic Energy to develop a number of NPDC’s assets to drastically increase its production of crude oil and natural gas.

NPDC has 130,000 barrels of oil per day (bopd) of current production with a target of reaching 250,000 bopd by 2015 and significantly increasing the supply of domestic gas to the country to enable an increase in power generation and support local manufacturing industries. Atlantic Energy through its Strategic Alliance with NPDC, will assist NPDC attain this target.

Additionally, he stated that a significant portion of the Nigeria’s marketed natural gas is processed into LNG and this natural gas only constituted 4% of the country’s energy consumption as at 2010; however, the power sector privatization is driving an increased demand for gas, with an installed capacity of 7,000 MW and a target capacity of 16,000 MW by the end of 2013.

Mr. Aitken further stated the challenges facing companies like Atlantic Energy and the wider industry and proffered solutions to the problems raging from old infrastructure, Swamp and land terrain, community stakeholder relationships and expectations, multiple partners/new models, to ambitious targets can be addressed through detailed evaluation and phased infrastructure replacement/upgrade, encouragement of swamp and land terrain asset management, community engagements and updates should be assessed, there should be project prioritization and clear centralization management structures including strong relationship building and there is a need to have fast track solutions to deliver early results to fund further development.

 

SOURCE

Atlantic Energy

Bookmark and Share

Comments (0)

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Libya could produce more energy in solar power than oil

Posted on 27 February 2013 by Africa Business

Libya could generate approximately five times the amount of energy from solar power than it currently produces in crude oil, research by Nottingham Trent University shows.

 

A study led by the university’s School of Architecture, Design and the Built Environment found that the oil-rich nation could generate enough renewable power to meet its own demand and a “significant part of the world energy demand by exporting electricity”.

 

Libya is located on the cancer orbit line and is exposed to the sun’s rays throughout the year with long hours during the day. It has an average daily solar radiation rate of about 7.1 kilowatt hours per square metre per day (kWh/m²/day) on a flat plane on the coast and 8.1kWh/m²/day in the south region. By comparison, the UK’s average solar radiation rate is less than half that amount at about 2.95kWh/m²/day.

 

If the North African country – which is estimated to be 88 per cent desert – used 0.1% of its landmass to harness solar power, it could produce the equivalent to almost seven million barrels of crude oil per day in energy, the study found. Currently, Libya produces about 1.41 million barrels of crude oil per day.

 

Researcher Dr Amin Al-Habaibeh, who is leading the Innovative and Sustainable Built Environment Technologies research group at the university, said: “Although Libya is rich in renewable energy resources, it is in urgent need of a more comprehensive energy strategy. It is difficult to break the dependency on oil and natural gas, not just in terms of the country’s demand for it, but also in terms of the revenues that it generates.

 

“Renewable energy technology is still in its early days in Libya and a clear strategy and timetable is needed to take it forward. In particular, work needs to be done to develop the skills and knowledge needed to install and maintain renewable energy systems.”

 

The study also found that Libya has the potential to generate significant amounts of wind power, as the country is exposed to dry, hot and prolonged gusts.

 

“Wind energy could play an important role in the future in meeting the total electric energy demand,” added Ahmed Mohamed, a Nottingham Trent University PhD student, from Libya, who worked on the project.

 

“Several locations, including a number along the coast, experience high wind speeds which last for long periods of time.

 

“If Libya could harness only a tiny fraction of the renewable energy resources it has available in the form of solar and wind power, not only could it meet its own demands for energy, but also a significant part of the world’s demands by exporting electricity.

 

“The availability of renewable energy could provide a good complement to meet peak loads and current energy demand, and this in turn can be a good reason for encouraging wind and solar energy projects in Libya.”

 

Dr Hafez Abdo, a senior lecturer in accounting at Nottingham Business School, who also supervised the study, added: “This study tackles a significant emerging issue that is related to the feasibility of implementing renewable energy options in an oil and gas rich country such as Libya. The study explores whether the benefits outstrip the costs of implementing these options, and if not then when this would be likely to happen.

 

“This study can be applied to other countries such as the UK as an oil producing country and Japan, for example, as a net oil and gas importer country. The significance of this study arises from the fact that the final results should be a stepping stone for other studies to find a sufficient solution to energy security and climate change in the world.”

Bookmark and Share

Comments (0)

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Strengthening Investment Ties between Middle East and Africa

Posted on 10 December 2012 by Africa Business

Government Ministers from these two regions gather as The Africa Middle East Investment Forum begins

The timely Africa Middle East- Investment Forum opened today at the Address Dubai Mall Hotel, Dubai, United Arab Emirates. This opportune event aims to show case investment opportunities in Africa and Middle East as a practical and significant stride towards opening new markets that will encourage investments and trade between the two regions.

H.E Abdullah Ahmed Al Saleh, the Undersecretary, Ministry of Foreign Trade-Deputy Minister, United Arab Emirates gave a compelling opening speech and noted that given the upward trend of the economic fortunes in these two regions, now is the perfect time to substantially raise the productivity of the investment linkages. “Since our regions are both aggressively pursuing economic diversification, we should look into mutually beneficial investment areas”.  H.E Al Saleh thanked the organizers of the form and termed it as an ideal platform to examine the major sustainability issues of economic diversification, water scarcity, climate change, youth development and employment, governance transparency and reform, and the social and economic empowerment of women. He said that a growth factor that they are particularly focusing on is the private sector, which they recognize as the core source of the regional development. Through forums such as these we hope to provide better access to Africa and other major global markets for our industries’ he said.

H.E noted the Middle East is very attracted to potentially high-return in African investment and noted that some countries in the region have been coming up with new regulations intended to make doing business with us easier and more fruitful investors. In UAE for example, he said that they are making changes to the companies’ law that will expand foreign ownership opportunities in some sectors and drive down business setup costs, among others.

On areas in which Africa and Middle East should pursue stronger economic ties, he highlighted Oil & Gas (Africa’s O&G reserves are estimated at over 200 billion barrels of oil equivalent.  Given the Middle East’s experience in the O&G domain, there are numerous investment, technology transfer, manpower and consultancy prospects that we can explore.),real estate and construction, clean energy, logistics and transportation banking, retailing, agriculture, construction, renewable energy and telecommunications. He said that these opportunities should be discussed thoroughly between both sides in this forum and in other avenues.

The Conference continues tomorrow with more sessions like assessing the role of Islamic finance as a catalyst for mobilizing cross border trade and investment flows between Africa and Middle East being discussed.

 

Bring the Industry Leaders on one Platform- That is what we do

 

The Aidem Business Solution (ABS), organizes world class forums and conferences for the African market in close partnership with key leading industry players

 

More details at: http://www.aidembs.com/africa-middleeast_conference/

Bookmark and Share

Comments (0)

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

United Arab Emirates Oil Markets, 2012

Posted on 02 November 2012 by Africa Business

NEW YORK, Nov., 2012 /PRNewswire/ — Reportlinker.com announces that a new market research report is available in its catalogue:

United Arab Emirates Oil Markets, 2012

http://www.reportlinker.com/p0617070/United-Arab-Emirates-Oil-Markets-2012.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=Oil_and_Gas_energy

United Arab Emirates Oil Markets, 2012

Summary

This profile is the essential source for top-level energy industry data and information. The report provides an overview of each of the key sub-segments of the energy industry in United Arab Emirates. It details the market structure, regulatory environment, infrastructure and provides historical and forecasted statistics relating to the supply/demand balance for each of the key sub-segments. It also provides information relating to the crude oil assets (oil fields, refineries, pipelines and storage terminals) in United Arab Emirates. The report compares the investment environment in United Arab Emirates with other countries in the region. The profiles of the major companies operating in the crude oil sector in United Arab Emirates together with the latest news and deals are also included in the report.

Scope

- Historic and forecast data relating to production, consumption, imports, exports and reserves are provided for each industry sub-segment for the period 2000-2020.

- Historical and forecast data and information for all the major oil fields, refineries, pipelines and storage terminals in United Arab Emirates for the period 2005-2016.

- Operator and equity details for major crude oil assets in United Arab Emirates.

- Key information relating to market regulations, key energy assets and the key companies operating in the United Arab Emirates’s energy industry.

- Information on the top companies in the United Arab Emirates including business description, strategic analysis, and financial information.

- Product and brand updates, strategy changes, R&D projects, corporate expansions and contractions and regulatory changes.

- Key mergers and acquisitions, partnerships, private equity and venture capital investments, and IPOs.

Reasons to buy

- Gain a strong understanding of the country’s energy market.

- Facilitate market analysis and forecasting of future industry trends.

- Facilitate decision making on the basis of strong historic and forecast production, reserves and capacity data.

- Assess your competitor’s major crude oil assets and their performance.

- Analyze the latest news and financial deals in the oil sector of each country.

- Develop strategies based on the latest operational, financial, and regulatory events.

- Do deals with an understanding of how competitors are financed, and the mergers and partnerships that have shaped the market.

- Identify and analyze the strengths and weaknesses of the leading companies in the country.

1 Table Of Contents

1 Table Of Contents 2

1.1 List of Tables 7

1.2 List of Figures 8

2 United Arab Emirates Energy Sector 9

2.1 United Arab Emirates Energy Sector, Market Overview 9

2.2 United Arab Emirates Energy Sector, Oil 9

2.2.1 United Arab Emirates Oil, Overview 9

2.2.2 United Arab Emirates Oil, Supply and Demand Balance 10

2.2.3 United Arab Emirates Crude Oil, Regulatory Structure 15

2.2.4 United Arab Emirates Crude Oil, Infrastructure 15

3 United Arab Emirates Oil Upstream Investment Environment Benchmarking 16

3.1 Introduction 16

3.2 The Overall Ranking 16

3.3 Oil Sector Performance 16

3.3.1 Exploration Activity 18

3.3.2 Oil Production 19

3.3.3 Oil Reserves 19

3.3.4 Consumption 19

3.3.5 Refining Industry 20

3.4 Economic Performance 20

3.4.1 GDP Growth Index 22

3.4.2 FDI Confidence Index 22

3.4.3 Balance of Trade Index 22

3.5 Socio-Political Performance 22

3.5.1 Democracy Index 24

3.5.2 Governance Index 24

4 United Arab Emirates Exploration and Production Sector 25

4.1 United Arab Emirates Exploration and Production Sector, Country Snapshot 25

4.1.1 United Arab Emirates Exploration and Production Sector, Key Data 25

4.1.2 United Arab Emirates Exploration and Production Sector, Crude Oil Assets Map 25

4.1.3 United Arab Emirates Exploration and Production Sector, Gross Crude Oil Production by Type 26

4.1.4 United Arab Emirates Exploration and Production Sector, Gross Crude Oil Production by Major Assets 27

4.1.5 United Arab Emirates Exploration and Production Sector, Market Share of Key Companies based on Gross Equity Weighted Crude Oil Production 28

4.2 United Arab Emirates Exploration and Production Sector, Gross Crude Oil Forecasts 29

4.2.1 United Arab Emirates Exploration and Production Sector, Gross Crude Oil Production Forecast 29

4.3 United Arab Emirates Exploration and Production Sector, Crude Oil Asset Details 30

4.3.1 United Arab Emirates Exploration and Production Sector, Active Major Crude Oil Asset Details 30

4.3.2 United Arab Emirates Exploration and Production Sector, Planned Major Crude Oil Asset Details 31

4.4 United Arab Emirates Exploration and Production Sector, Drilling and Production Updates 31

4.4.1 Oct 03, 2012: Exillon Energy Provides September 2012 Production Update 31

4.4.2 Sep 03, 2012: Exillon Energy Provides August 2012 Production Update 31

4.4.3 Apr 05, 2012: Exillon Energy Provides March 2012 Production Update 31

4.4.4 Feb 29, 2012: Freedom Energy Confirms Additional Middle East Trials 32

4.4.5 Jan 19, 2012: Dzheitune (Lam) 13/163 Well Tested At 1,584bopd With Added Perforations: Dragon Oil 32

5 United Arab Emirates FSO Industry 33

5.1 United Arab Emirates FSO Industry, FSO Capacity Details by Vessel 33

5.2 United Arab Emirates FSO Industry, FSO Vessel Specifications 33

6 United Arab Emirates Pipeline Sector 34

6.1 United Arab Emirates Pipeline Sector, Key Data 34

6.2 United Arab Emirates Pipeline Sector, An Overview 34

6.3 United Arab Emirates Pipeline Sector, Comparison of Key Crude Oil Pipeline Companies 34

6.4 United Arab Emirates Pipeline Sector, Petroleum Product Pipeline Companies 35

6.5 United Arab Emirates Pipeline Sector, Crude Oil Pipelines 36

6.6 United Arab Emirates Pipeline Sector, Petroleum Product Pipelines 37

7 United Arab Emirates Refining Sector 38

7.1 United Arab Emirates Refining Sector, Key Data 38

7.2 United Arab Emirates Refining Sector, An Overview 38

7.2.1 United Arab Emirates Refining Sector, Total Refining Capacity 38

7.3 United Arab Emirates Refining Sector, Capacity Market Share by Company 39

7.4 United Arab Emirates Refining Sector, Crude Distillation Unit Capacity 40

7.5 United Arab Emirates Refining Sector, Fluid Catalytic Cracking Unit Capacity 41

7.6 United Arab Emirates Refining Sector, Hydrocracking Capacity 41

8 United Arab Emirates Oil and Chemicals Storage Sector 42

8.1 United Arab Emirates Oil and Chemicals Storage Sector, Key Data 42

8.2 United Arab Emirates Oil and Chemicals Storage Sector, An Overview 42

8.2.1 United Arab Emirates Oil and Chemicals Storage Sector, Total Storage Capacity 42

8.2.2 United Arab Emirates Oil and Chemicals Storage Sector, Storage Capacity Share by Area 43

8.3 United Arab Emirates Oil and Chemicals Storage Sector, Capacity Market Share by Company 44

8.4 United Arab Emirates Oil and Chemicals Storage Sector, Storage Capacity 45

9 Profile of OJSC Rosneft Oil Company 48

9.1 OJSC Rosneft Oil Company, Key Information 48

9.2 OJSC Rosneft Oil Company, Company Overview 48

9.3 OJSC Rosneft Oil Company, Business Description 48

9.3.1 Business Overview 48

9.3.2 Exploration and Production 50

9.3.3 Other Activities 50

9.3.4 Refining, Marketing and Distribution 51

9.4 OJSC Rosneft Oil Company, SWOT Analysis 51

9.4.1 Overview 51

9.4.2 OJSC Rosneft Oil Company Strengths 52

9.4.3 OJSC Rosneft Oil Company Weaknesses 54

9.4.4 OJSC Rosneft Oil Company Opportunities 54

9.4.5 OJSC Rosneft Oil Company Threats 57

10 Profile of Abu Dhabi National Oil Company 59

10.1 Abu Dhabi National Oil Company, Key Information 59

10.2 Abu Dhabi National Oil Company, Company Overview 59

10.3 Abu Dhabi National Oil Company, Business Description 59

10.3.1 Business Overview 59

10.3.2 Downstream Operations 60

10.3.3 Energy to Business 60

10.3.4 Energy to the Consumer 61

10.3.5 Marketing and Refining 61

10.3.6 Upstream Operations 61

10.4 Abu Dhabi National Oil Company, SWOT Analysis 62

10.4.1 Overview 62

10.4.2 Abu Dhabi National Oil Company Strengths 62

10.4.3 Abu Dhabi National Oil Company Weaknesses 64

10.4.4 Abu Dhabi National Oil Company Opportunities 64

10.4.5 Abu Dhabi National Oil Company Threats 65

11 Profile of Dana Gas PJSC 67

11.1 Dana Gas PJSC, Key Information 67

11.2 Dana Gas PJSC, Company Overview 67

11.3 Dana Gas PJSC, Business Description 67

11.3.1 Business Overview 67

12 Financial Deals Landscape 69

12.1 Detailed Deal Summary 69

12.1.1 Acquisition 69

12.1.2 Equity Offerings 73

12.1.3 Debt Offerings 75

12.1.4 Partnerships 79

12.1.5 Asset Transactions 80

13 Recent Developments 82

13.1 License Awards 82

13.1.1 Apr 20, 2012: DNO International Signs Amended Concession Agreement For Saleh Area Offshore Ras Al Khaimah 82

13.2 Strategy and Business Expansion 83

13.2.1 Apr 05, 2012: Dialog Incorporates Dialog Systems International FZE 83

13.3 Other Significant Developments 83

13.3.1 Jul 23, 2012: Mubadala Petroleum Approves Manora Development In Thailand 83

13.3.2 Jul 17, 2012: CNPC’s Abu Dhabi Crude Oil Pipeline Becomes Operational 84

13.3.3 Jul 15, 2012: International Petroleum Investment Exports First Pipeline Oil Bypassing Hormuz Strait 84

13.3.4 Jul 06, 2012: H&W Completes SeaRose FPSO Dry-docking Project 84

13.3.5 Jun 19, 2012: Horizon Terminals Secures $100m Loan To Increase Jebel Ali Refinery Capacity And Build Jet Fuel Pipeline 85

13.3.6 Jun 08, 2012: Exillon Energy Provides May 2012 Operations Update 86

13.3.7 May 28, 2012: Horizon Terminals Announces Groundbreaking Ceremony Of LPG Terminal In Jebel Ali Free Zone, Dubai 86

13.3.8 Mar 28, 2012: Abu Dhabi Oil Refining To Complete Ruwais Refinery Expansion By Q1 2014 87

13.3.9 Jan 23, 2012: Dragon Oil Provides 2012 Outlook 87

13.3.10 Jan 23, 2012: Dragon Oil Provides 2011 Operations Update 88

13.4 New Contracts Announcements 90

13.4.1 Jun 11, 2012: Rotork Flow Control Technologies Specified For UAE Petroleum Storage Expansion Project 90

13.4.2 May 21, 2012: Rolls-Royce Wins $136m Contract From Dolphin Energy To Supply Industrial Trents 91

13.4.3 Apr 16, 2012: Punj Lloyd Wins Contract From Horizon Terminals To Build New Bulk Oil Terminal In Dubai 91

14 Appendix 92

14.1 Abbreviations 92

14.2 Methodology 92

14.2.1 Coverage 92

14.2.2 Secondary Research 93

14.2.3 Primary Research 93

14.3 Contact Us 93

14.4 Disclaimer 94

List of Tables

Table 1: United Arab Emirates, Historic and Forecast Production and Consumption of Oil, Thousand Barrels per Day, 2000-2020 10

Table 2: United Arab Emirates, Historic and Forecast Export and Import of Oil, Thousand Barrels per Day, 2000-2020 12

Table 3: United Arab Emirates, Historic Reserves of Crude Oil, Million Barrels, 2000-2011 14

Table 4: Middle East, Investment Benchmarking, Overall Country Rankings, Sep 2012 16

Table 5: Middle East, Investment Benchmarking, Oil Sector Performance, Sep 2012 17

Table 6: Middle East, Investment Benchmarking, Economic Performance, Sep 2012 20

Table 7: Middle East, Country Standings, Economic Performance, by FDI Confidence- GDP Growth & Production, Sep 2012 21

Table 8: Middle East, Investment Benchmarking, Socio-Political Performance, Sep 2012 22

Table 9: Middle East, Country Standings, Socio-Political Performance, by Exploration Growth-FDI Confidence and Governance Indices, Sep 2012 23

Table 10: United Arab Emirates, Crude Oil Key Statistics, 2011 25

Table 11: United Arab Emirates, Gross Crude Oil Production (%) by Type, 2003- 2011 26

Table 12: United Arab Emirates, Gross Crude Oil Production (MMBBLs), by Major Assets, 2003-2011 27

Table 13: United Arab Emirates, Market Share (%) of Key Companies based on Gross Equity Weighted Crude Oil Production, 2003-2011 28

Table 14: United Arab Emirates, Gross Crude Oil Production (MMBBLs), Forecast by Major Assets, 2012- 2016 29

Table 15: United Arab Emirates, Active Major Crude Oil Field Asset Details 30

Table 16: United Arab Emirates, Planned Major Crude Oil Field Asset Details 31

Table 17: United Arab Emirates FSO Industry, FSO Oil Production Capacities, Sep 2012 33

Table 18: United Arab Emirates FSO Industry, FSO Vessel Specifications, Sep 2012 33

Table 19: United Arab Emirates, Pipeline Key Statistics, Sep 2012 34

Table 20: United Arab Emirates, Crude Oil Pipeline Length by Company (Km), Sep 2012 34

Table 21: United Arab Emirates, Petroleum Product Pipeline Length by Company (Km), Sep 2012 35

Table 22: United Arab Emirates, Crude Oil Pipelines, Sep 2012 36

Table 23: United Arab Emirates, Petroleum Product Pipelines, Sep 2012 37

Table 24: United Arab Emirates, Refinery Key Statistics, Sep 2012 38

Table 25: United Arab Emirates, Total Refining Capacity (MMTPA), 2005-2016 38

Table 26: United Arab Emirates, Refining Capacity by Company (MMTPA), 2005-2016 39

Table 27: United Arab Emirates, Crude Distillation Unit Capacity (MMTPA), 2005-2016 40

Table 28: United Arab Emirates, Fluid Catalytic Cracking Unit Capacity (MMTPA), 2005-2016 41

Table 29: United Arab Emirates, Hydrocracking Unit Capacity (MMTPA), 2005-2016 41

Table 30: United Arab Emirates, Oil and Chemicals Storage Key Statistics, Sep 2012 42

Table 31: United Arab Emirates, Total Oil and Chemicals Storage Capacity (Thousand M3), 2005- 2016 42

Table 32: United Arab Emirates, Oil and Chemicals Storage Capacity by Company (Thousand M3), 2005-2016 44

Table 33: United Arab Emirates, Oil and Chemicals Storage Capacity (Thousand M3), 2005-2016 45

Table 34: United Arab Emirates, Oil and Chemicals Storage Capacity (Thousand M3), 2005-2016 (Contd.1) 46

Table 35: United Arab Emirates, Oil and Chemicals Storage Capacity (Thousand M3), 2005-2016 (Contd.2) 47

Table 36: OJSC Rosneft Oil Company, Key Facts 48

Table 37: OJSC Rosneft Oil Company, SWOT Analysis 52

Table 38: Abu Dhabi National Oil Company, Key Facts 59

Table 39: Abu Dhabi National Oil Company, SWOT Analysis 62

Table 40: Dana Gas PJSC, Key Facts 67

Table 41: PetroChina Plans To Acquire Oil And Gas Companies In Central Asia, East Africa, Australia And Canada 69

Table 42: MENA Hydrocarbons Completes Acquisition Of Mideast Energy For $0.85 Million 70

Table 43: Baghlan Group To Acquire 33.33% Interest In Bahar Energy From Rafi Oil 71

Table 44: DNO International Completes Acquisition Of MENA Operating Subsidiaries Of RAK Petroleum 71

Table 45: Exillon Energy Completes Private Placement Of Ordinary Shares For $150.3 Million 73

Table 46: Abu Dhabi National Energy Completes Private Placement Of 4.65% Bonds Due 2022 For $215.5 Million 75

Table 47: Dolphin Energy Completes Public Offering Of 5.5% Bonds Due 2021 For $1,300 Million 76

Table 48: Abu Dhabi National Energy Completes Private Placement Of 4.12% Notes For $750 Million 77

Table 49: Abu Dhabi National Energy Completes Private Placement Of 5.87% Notes For $750 Million 78

Table 50: Sonatrach Plans To Form Partnership With Shell And Exxon Mobil 79

Table 51: KNOC And GS Energy Form Joint Venture With ADNOC 80

Table 52: Fujairah Petroleum To Acquire 12% Stake In A Storage Terminal Project In Fujairah 80

Table 53: RAK Petroleum Acquires Additional 60% Interest In RAK B Field Offshore From RAK Gas 81

1.2 List of Figures

Figure 1: United Arab Emirates, Primary Energy Consumption Split by Fuel Type (%), 2011 9

Figure 2: United Arab Emirates, Oil Production And Consumption, Thousand Barrels Per Day, 2000-2020 11

Figure 3: United Arab Emirates, Oil Exports and Imports, Thousand Barrels Per Day, 2000-2020 13

Figure 4: United Arab Emirates, Crude Oil Reserves, Million Barrels, 2000-2011 14

Figure 5: Middle East, Country Standings, Oil Sector Performance, by Reserves-Exploration & Production, Sep 2012 17

Figure 6: Middle East, Country Standings, Oil Sector Performance, by Production-Consumption & Refining, Sep 2012 18

Figure 7: Middle East, Country Standings, Exploration Blocks Awarded, Sep 2012 19

Figure 8: Middle East, Country Standings, Economic Performance, by FDI Confidence- GDP Growth & Production, Sep 2012 21

Figure 9: Middle East, Country Standings, Socio-Political Performance, by Exploration Growth-FDI Confidence and Governance Indices, Sep 2012 23

Figure 10: United Arab Emirates, Crude Oil Assets Map, Sep 2012 25

Figure 11: United Arab Emirates, Gross Crude Oil Production (%) by Type, 2003-2011 26

Figure 12: United Arab Emirates, Market Share (%) of Key Companies based on Gross Equity Weighted Crude Oil Production, 2011 28

Figure 13: United Arab Emirates, Crude Oil Pipeline Length by Company (Km), Sep 2012 35

Figure 14: United Arab Emirates, Total Refining Capacity (MMTPA), 2005- 2016 39

Figure 15: United Arab Emirates, Refining Capacity by Company (MMTPA), 2011 40

Figure 16: United Arab Emirates, Total Oil and Chemicals Storage Capacity (Thousand M3), 2005- 2016 43

Figure 17: United Arab Emirates, Oil and Chemicals Storage Capacity Share by Area (%), 2011 43

Figure 18: United Arab Emirates, Oil and Chemicals Storage Capacity by Company (Thousand M3), 2005-2016 44

Companies mentioned

OJSC Rosneft Oil Company

Abu Dhabi National Oil Company

Dana Gas PJSC

To order this report:

Oil_and_Gas_energy Industry: United Arab Emirates Oil Markets, 2012

Contact Nicolas: nicolasbombourg@reportlinker.com
US: (805)-652-2626
Intl: +1 805-652-2626

SOURCE Reportlinker

Bookmark and Share

Comments (0)

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

VAALCO Energy Acquires Working Interest Offshore Equatorial Guinea

Posted on 01 November 2012 by Africa Business

HOUSTON, Nov. 1, 2012 /PRNewswire/ — VAALCO Energy, Inc. (NYSE: EGY) today announced that, having received the approval of the Government of Equatorial Guinea, it has acquired a 31% non-operating working interest in a production and development area (“PDA”) in Block P, offshore Equatorial Guinea from PETRONAS CARIGALI OVERSEAS SDN BHD.  VAALCO paid $10 million for the working interest.

(Logo: http://photos.prnewswire.com/prnh/20100316/NY71495LOGO)

The PDA, which is operated by GEPetrol, the national oil company of Equatorial Guinea, contains the Venus field discovered in 2005. The Venus field is estimated to contain between 15 and 30 million gross recoverable barrels of oil. The PDA also contains a number of exploration prospects that VAALCO believes are highly attractive, primarily the SW Grande Prospect and the Marte Prospect, each of which has the potential to add substantial reserves to VAALCO.

VAALCO expects the near-term plans for the PDA will be the drilling of exploration wells on both the SW Grande and Marte prospects in 2013 followed by completing a plan of development, including the Venus discovery.

Robert Gerry, Chairman and CEO, commented: “With this acquisition, we believe we will expose our shareholders to significant upside potential from the offshore prospects in Block P. Oil is present, as proved by the Venus discovery, and we are of the opinion that additional accumulations are potentially present on Block P in the untested prospects, which are expected to be drilled in 2013.”

Additional partners in the PDA include GEPetrol (38.4%), Atlas Petroleum International Limited (5.6%), and Crown Energy Ventures Corporation (5.0%).  In addition, the government of Equatorial Guinea has a 20% carried working interest.

Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  All statements, other than historical fact, included in this press release that address activities, events or developments that VAALCO expects, believes or anticipates will or may occur in the future are forward-looking statements.  These statements include prospect evaluations, objectives and timing of future drilling and development, capital expenditures, future production rates, reserve growth and other operations and activities.  These statements are based on assumptions made by VAALCO based on its experience perception of historical trends, current conditions, expected future developments and other factors it believes are reasonable.  Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond VAALCO’s control.  These risks include, but are not limited to, inflation, general economic conditions, oil and gas prices, lack of availability of goods, services and capital, actions by VAALCO’s venture partners, environmental risks, drilling risks, foreign operational risks, regulatory changes and risk factors contained in VAALCO’s Form 10-K for the year ended December 31, 2011 and other reports filed with the SEC.  Investors are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements.  These risks are further described in VAALCO’s annual report on Form 10-K for the year ended December 31, 2011, VAALCO’s quarterly report on Form 10-Q for the quarter ended March 31, 2011 and other reports filed with the SEC which can be reviewed at http://www.sec.gov, or which can be received by contacting VAALCO at 4600 Post Oak Place, Suite 300, Houston, Texas 77027, (713) 623-0801.  VAALCO disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

About VAALCO
VAALCO Energy, Inc. is a Houston based independent energy company principally engaged in the acquisition, exploration, development and production of crude oil.  VAALCO’s strategy is to increase reserves and production through the exploration and exploitation of oil and natural gas properties with high emphasis on international opportunities.  The Company’s properties and exploration acreage are located primarily in Gabon and Angola, West Africa and the United States.

Investor Contact

Gregory R. Hullinger

Chief Financial Officer

713-623-0801

Media Contact

Tim Lynch/Jed Repko

Joele Frank, Wilkinson Brimmer Katcher

212-355-4449

SOURCE VAALCO Energy, Inc.

Bookmark and Share

Comments (0)

Tags: , , ,

Platts: September OPEC Oil Output Drops to 31.15 Million Barrels per Day

Posted on 13 October 2012 by Africa Business

 

LONDON , Oct., 2012 /PRNewswire/ – Crude oil output from the Organization of Petroleum Exporting Countries (OPEC) fell by 390,000 barrels per day (b/d) to 31.15 million b/d in September, with Saudi Arabia and Nigeria accounting for the bulk of the month-on-month drop, a Platts survey of OPEC and oil industry officials and analysts showed October 11. This follows August production of 31.54 million b/d and leaves OPEC overproducing its 30 million b/d ceiling by 1.15 million b/d.

Saudi Arabia pumped an average 9.85 million b/d in September, 150,000 b/d lower than August’s 10 million b/d, a level it had maintained since May.

“The continued ability for Saudi Arabia to continue producing 10-million b/d has been called into question by some skeptics; the decline to less than 10 million b/d, small as it is, will be viewed as significant,” said John Kingston , Platts global director of news. “Skeptics will also point to a big drop out of Nigeria . Still, OPEC output is above various estimates of what OPEC needs to maintain to keep inventories balanced.”

Nigerian output was down by 230,000 b/d at 2.05 million b/d in September from 2.28 million b/d in August, the survey estimated.

After a sharp drop in August, Iranian output showed a dip of just 30,000 b/d to 2.72 million b/d in September, the survey showed.

In Angola , maintenance helped push volumes down to 1.7 million b/d from 1.75 million b/d in August. Other smaller decreases came from Algeria , Qatar , and the United Arab Emirates (UAE).

The only countries to increase output were Iraq , whose exports climbed further in September, and Libya . Iraqi output was estimated at 3.18 million, up 80,000 b/d from August, and Libyan output at 1.48 million b/d, up 30,000 b/d from August.

In recent months rising Iraqi production has set a series of post-1990 records, but the September figure of 3.18 million b/d surpasses even anything seen in 1990 and is the biggest recorded since Platts started thorough monthly surveys of OPEC production in March 1988 .

Ecuador , Kuwait and Venezuela maintained production at August levels.

The OPEC production ceiling, agreed in December 2011 and extended in June 2012 , does not include individual country quotas.

Ministers are next scheduled to meet on December 12 in Vienna .

For production numbers by country, click here.  If prompted for a cost-free, one-time-only log-in registration, the log in is your email address and a password of your choosing.

Platts OPEC and oil experts are available for media interviews; please consult Platts Media Center to schedule an interview. For other oil, energy and related information, visit www.platts.com.

About Platts: Founded in 1909, Platts is a leading global provider of energy, petrochemicals and metals information and a premier source of benchmark prices for the physical and futures markets.  Platts’ news, pricing, analytics, commentary and conferences help customers make better-informed trading and business decisions and help the markets operate with greater transparency and efficiency.  Customers in more than 150 countries benefit from Platts’ coverage of the carbon emissions, coal, electricity, oil, natural gas, metals, nuclear power, petrochemical, and shipping markets.  A division of The McGraw-Hill Companies (NYSE: MHP), Platts is headquartered in New York with approximately 900 employees in more than 15 offices worldwide. Additional information is available at www.platts.com.

About The McGraw-Hill Companies: McGraw-Hill announced on September 12, 2011 , its intention to separate into two companies: McGraw-Hill Financial, a leading provider of content and analytics to global financial markets, and McGraw-Hill Education, a leading education company focused on digital learning and education services worldwide. McGraw-Hill Financial’s leading brands include Standard & Poor’s Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts energy information services and J.D. Power and Associates. With sales of $6.2 billion in 2011, the Corporation has approximately 23,000 employees across more than 280 offices in 40 countries. Additional information is available at http://www.mcgraw-hill.com/.

CONTACT:
Kathleen Tanzy
212-904-2860
Kathleen_tanzy@platts.com

SOURCE Platts

Bookmark and Share

Comments (0)

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

SPDC Completes Sale of the seventh Nigerian Oil Mining Lease

Posted on 05 September 2012 by The African Press Organization

 

THE HAGUE, The Netherlands, September 5, 2012 /PRNewswire/ –

The Shell Petroleum Development Company of Nigeria Limited (SPDC), a subsidiary of Royal Dutch Shell plc (Shell) (NYSE:RDS.A)(NYSE:RDS.B), has completed the assignment of its 30% interest in Oil Mining Lease 34 (OML-34) in the Niger Delta to ND Western Limited. Total cash proceeds for Shell amount to some US$400 million.

This divestment is part of Shell’s strategy of refocusing its onshore interests in Nigeria and is in line with the Federal Government of Nigeria’s aim of developing Nigerian companies in the country’s upstream oil and gas business. This is the seventh onshore lease assignment that SPDC has completed in Nigeria since 2010.

Shell has been in Nigeria for more than 50 years and remains committed to keeping a long-term presence there – both onshore and offshore. Through SPDC and its other Nigerian companies, Shell responsibly produces the oil and gas needed to fuel the economic and industrial growth that generates wealth for the nation and jobs for Nigerians.

OML 34 covers an area of some 950 square kilometres and includes the Utorogu, Ughelli and Warri River fields and related facilities. The combined fields currently produce just under 300 million standard cubic feet per day of gas and 15,000 barrels per day of oil and condensate (100%).

Total E&P Nigeria Limited (10%) and Nigerian Agip Oil Company Limited (5%) have also assigned their interests in the lease, ultimately giving ND Western Limited a 45% interest.

All approvals have been received from the relevant authorities of the Federal Government of Nigeria.

Notes for editors

SPDC is the operator of a joint venture between the Nigerian National Petroleum Corporation (55%), Shell (30%), Total E&P Nigeria Limited (10%) and Nigerian Agip Oil Company Limited (5%).

Cautionary note

The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate entities. In this release “Shell”, “Shell group” and “Royal Dutch Shell” are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies. ”Subsidiaries”, “Shell subsidiaries” and “Shell companies” as used in this release refer to companies in which Royal Dutch Shell either directly or indirectly has control, by having either a majority of the voting rights or the right to exercise a controlling influence. The companies in which Shell has significant influence but not control are referred to as “associated companies” or “associates” and companies in which Shell has joint control are referred to as “jointly controlled entities”. In this release, associates and jointly controlled entities are also referred to as “equity-accounted investments”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect (for example, through our 23% shareholding in Woodside Petroleum Ltd.) ownership interest held by Shell in a venture, partnership or company, after exclusion of all third-party interest.

This release contains forward-looking statements concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as ”anticipate”, ”believe”, ”could”, ”estimate”, ”expect”, ”intend”, ”may”, ”plan”, ”objectives”, ”outlook”, ”probably”, ”project”, ”will”, ”seek”, ”target”, ”risks”, ”goals”, ”should” and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this release, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for the Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the id! entifica tion of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including potential litigation and regulatory measures as a result of climate changes; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; and (m) changes in trading conditions. All forward-looking statements contained in this release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional factors that may affect future results are contained in Royal Dutch Shell’s 20-F for the year ended 31 December, 2011 (available at http://www.shell.com/investor and http://www.sec.gov – opens in new window). These factors also should be considered by the reader. Each forward-looking statement speaks only as of the date of this release, September 5, 2012. Neither Royal Dutch Shell nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this release. There can be no assurance that dividend payments will match or exceed those set out in this release in the future, or that they will be made at all.

The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this release, such as resources and oil in place, that SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website http://www.sec.gov – opens in new window. You can also obtain these forms from the SEC by calling 1-800-SEC-0330.

Enquiries

Shell Media Relations

International, UK, European Press: +44-207-934-5550

Shell Investor Relations

Europe – Tjerk Huysinga: +31-70-377-3996

United States – Ken Lawrence: +1-713-241-2069

SOURCE Royal Dutch Shell plc

Company Codes: NYSE:RDS.A, NYSE:RDS.B, RICS:RDSA.L, RICS:RDSB.L

Bookmark and Share

Comments (0)

AfricaBusiness.com Newsletter

* required

*



AfricaBusiness.com Newsletter



Business in UAE
Copyright © 2009 - 2016. African Business Environment. All Rights Reserved. AfricaBusiness.com Business Magazine